Empower Achieves Record Quarterly Earnings of $211M for Q1 2024 Representing 29% Year-over-Year Growth
Company completes successful integration of Prudential retirement business
Empower released results as part of a broader quarterly announcement by its parent company,
Empower announced that defined contribution plan assets under administration (AUA)1 increased more than 15% year-over-year, while its personal wealth unit’s AUA1 was up more than 25% over the first quarter of 2023 due to strong net inflows and positive markets. The company achieved base earnings of US
“The market for retirement services and consumer wealth management remains strong, even in the face of a macroeconomic climate presenting mixed messages,” said Empower President and CEO Edmund F. Murphy III. “The millions of individuals we serve are staying the course with strong support from their advisors, workplace retirement plans, and employers.”
Prudential Completion
Empower closed its acquisition of Prudential’s full-service retirement business in
Through the integration process, Empower has earned the trust of more than 2,500 Prudential clients and 3.6 million participants — a 91% participant retention rate as of
“This program was focused on elevating the services available to millions of retirement investors, their employers and advisors while asking them to trust us,” said Empower President and Chief Operating Officer
Through the Prudential acquisition, Empower is leveraging a stronger suite of financial benefits beyond defined contribution plan services, including defined benefit and non-qualified plan offerings. In addition, the company has seen significant market momentum in Institutional Separate Accounts, an in-plan investment offering strengthened after acquiring Prudential’s business. In 2023, Empower achieved approximately
A legacy of integration success
Empower has successfully integrated 48,000 plans and 6.7 million participant accounts from 10 different platforms beginning with the 2014 acquisition of J.P. Morgan’s retirement business. In subsequent years, Empower integration programs have included the acquired MassMutual business (2021), Prudential and other smaller acquisitions. In total, Empower has integrated
The combined firm will continue to serve retirement plans sponsored by a broad spectrum of employers. These include mega, large, mid-size and small corporate 401(k) plans; government plans ranging in scale from state-level plans to municipal agencies; not-for-profits such as hospitals and religious organizations’ 403(b) plans. In addition, Empower serves collectively bargained Taft-Hartley plans.
About Empower
Recognized as the second-largest retirement services provider in the
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Source: Empower